Shanghai developer CIFI has targeted sales revenue for the year of 12.5 billion yuan (HK$15.39 billion), an increase of 31 per cent from last year.
"We have more than 30 projects available for sale this year, which together are worth 25 billion yuan," said chief financial officer Albert Yau Sze-ka. "Twelve are new projects."
CIFI, which was listed in Hong Kong in November last year, presented yesterday its annual report for last year.
It said it launched 28 projects for the year and sold 1.03 million square metres of residential and commercial space.
Chairman Lin Zhong said the company was cautiously optimistic on the outlook for the rest of the year. "Housing demand will mainly come from end-users. I believe the property market in first and second-tier cities will outperform that in third and fourth-tier cities as people from less developed cities continue to move to bigger cities," he said.
Underlying profit for last year, excluding fair-value gains, rose 88.5 per cent to 921 million yuan, thanks to strong property sales. But profit margin fell to 23.7 per cent from 34.2 per cent.